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Mortgage rights campaigner David Hall said it was “remarkable that no banker or director of any lender was prosecuted for this scandal” considering “the scale of theft from and damage done to customers by banks and lenders”.

The final bill for the scandal, which happened when customers were wrongly moved onto more expensive loans by more than a dozen lenders, is expected to be around €1bn between compensation and administrative costs.

The Central Bank examination began more than three years ago with two million customer accounts probed.